On February 15, 2025, the New York City Department of Finance (DOF) mailed out the fourth-quarter (Q4) property tax bills for the 2024/25 tax year. The bills provide the last statements of account for the tax year for all property taxpayers in New York City.
These bills are primarily for property owners who pay quarterly, meaning they generally have smaller properties with an assessed value of $250,000 or less. For quarterly payors, payment is due on April 1, 2025 and covers charges for the final quarter of the city’s fiscal year, which runs from July 1, 2024, through June 30, 2025.
Below is a look at what you need to know about the new Q4 statements, upcoming due dates, discounts, and more.
1. Key Dates and Payment Structure
- Quarterly Payors
- Assessed value of $250,000 or less
- Payments due July 1, October 1, January 1, and April 1
- This Q4 statement, mailed on February 15, 2025, is for payment due April 1, 2025.
- Semi-Annual Payors
- Assessed value over $250,000
- Payments due July 1 and January 1
- If you already paid your July 2024 and January 2025 installments on time, your Q4 statement should show a $0 balance, unless there have been recent changes to your account.
Grace Periods
For quarterly payors, there is a built-in 15-day grace period each quarter (July 15, October 15, January 15, and April 15) where you can pay without interest. Should the last day of the grace period fall on a weekend or federal holiday, the due date automatically moves to the next business day.
2. Why the Q4 Bill Is Often the Best Snapshot of Annual Taxes
Although you receive property tax bills throughout the year, the Q4 bill often provides the most accurate reflection of your total annual property taxes. Any midyear changes—such as new tax rates or updated assessed values—are generally incorporated by the time this last statement is sent out.
For example, if the tax rate changed midyear, you may have seen the adjustment first appear on a Q3 statement. By Q4, these adjustments usually “catch up,” giving a clearer picture of the entire fiscal year’s liability.
3. Property Tax Rates for 2024/25
New York City tax rates differ by tax class. For the 2024/25 tax year, the rates are:
- Class 1 – 20.085%
- Class 2 – 12.500%
- Class 3 – 11.181%
- Class 4 – 10.762%
Your Q4 bill (and overall annual tax) depends on your property’s assessed value, minus any exemptions, multiplied by the applicable tax rate.
4. Discounts for Early Payment
The DOF offers small discounts if you choose to pay future quarters before they are due. These discounts range from 0.50% down to 0.17%, depending on how many remaining quarters you pay in advance. Specifically:
- Paying all four quarters by July 1 (or grace period) → 0.50% discount
- Paying the last three quarters by October 1 (or grace period) → 0.33% discount
- Paying the final two quarters by January 1 (or grace period) → 0.17% discount
Semi-annual payors can also get the 0.50% discount if they pay their full annual tax by July 1.
5. Late Payments and Interest Charges
If you miss the due date (or the end of the grace period, if quarterly), the city adds daily-compounding interest from the original due date (July 1, October 1, January 1, or April 1) until the payment is made. For that reason, prompt payment is strongly advised.
6. Electronic Funds Transfer (EFT) Requirement
Property owners who owe $300,000 or more in combined annual property taxes across all properties must pay via Electronic Funds Transfer (EFT). Eligible taxpayers below that threshold are still encouraged to pay by EFT for convenience and speed.
7. What to Do if Your Bill Shows $0 Due
If you are a semi-annual payer and made both payments on time (July and January), you may notice a $0 balance on your Q4 statement. The only exceptions would be if your account changed recently or you accrued additional charges (e.g., other agency charges or new fines). Otherwise, expect no further payment due for this fiscal year.
8. Updates, Refunds, and Contact Info
- Property & Billing Information: You can update addresses, names, and other details online. The names on your bills should match the deed. If there are mistakes, you can contact the DOF or the City Register (in the Bronx, Brooklyn, Manhattan, or Queens) for corrections.
- Overpayments & Credits: If two payments overlap or new exemptions are processed after your bill is sent, you might see a credit. You can usually apply it to future bills or request a refund by contacting DOF.
9. If You’re At Risk of Lien Sale
Unpaid property taxes, water/sewer charges, or other property charges can lead to a lien sale. The city sells your debt to an authorized buyer, and if unresolved, it can lead toward foreclosure. The next lien sale is scheduled for May 20, 2025—be sure your taxes are up to date to avoid this scenario.
10. Conclusion
With the arrival of the Q4 property tax statement, New York City property owners—especially those who pay quarterly—now have a complete picture of their 2024/25 fiscal-year tax liability. Reviewing this statement carefully is essential to confirm any midyear adjustments have been applied accurately and to determine if you owe any balance before April 1, 2025.
If you’re uncertain about any charges, make sure to verify your property’s exemptions, contact the DOF with questions, or reach out to the agency responsible for any other specific charge (like water, sewer, or sanitation). Timely payment ensures you avoid late interest charges and any potential lien-sale complications.
Finally, if you’re looking to budget for the next fiscal year, or anticipate a property value or rate change, the Q4 bill is often the best annual summary.
For more detailed information, visit the NYC Department of Finance website or consult your tax professional.
